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With T on the vertical axis and B on the Horizantal axis, graph Sam's indifference curve for U = 4. Determine the values of B and T that maximize Sam's utility.
Which political philosophy would you support. Why. How would you address the criticisms of your preferred philosophy. Be sure to support you answer with the appropriate references.
How would you respond to this question. How might the bank tie in the concept of utility maximization into the campaign.
The manager receives compensation C equal to 82 plus a portion x of any profit in excess of 1,400. What is the value of x that will make the manager indifferent between shirking and working hard.
Explain the relationship between the ratio of marginal utility and the price of each good consumed in consumer equilibrium.
Income & Substitution Effects of Pepsi and Coca-Cola Pricing. What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled.
The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. Is Bridget making the utility-maximizing choice. Why or why not.
At an interest rate of 8% per year, what is the equivalent annual worth (years 1-8) of the projected savings.
Suppose Joe must pay a premium of $1,500 for health insurance coverage with ACME insurance. Would he buy the health insurance.
explain how the principle of the diminishing marginal utility is related to drinking each glass of water. Explain the relationship between the ratio of marginal utility and the price of each good cons
Using the economists' model of individual choice comparing the marginal costs. Explain your motivation for four personal decisions you have made in the past year.
That is, if you scale up each price and nominal income in the same positive proportion t, indirect utility remains unchanged. demonstrate this property with the Cobb-Douglas individual.
You did such a great job in the 4th grade class last week that you have been invited back to explain diminishing marginal utility. Explain the concept in everyday language (not the textbook languag
The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units.what should she do instead.
Describe the household's budget line and its relationship to the indifference curve. What is the household's optimal consumption bundle.
How is the $10 best allocated between A and B. How much utility will the marginal dollar yield.
When discussing the maximization of utility, regardless of whether you chose to work more hours or fewer when offered a higher hourly wage, you could not be worse off than you were at a lower hourl
Discuss the comparison of the utility of the $100 versus the utility of the good and how a voluntary exchange results in a win/win situation to both parties.
How does utility affect economic decisions. If the consumer is rational, how can utility affect their economic decisions? Does utility lead to more or less customer satisfaction.
Suppose this person could purchase insurance that would pay for all losses if the car accident occurs. What is the most this person is willing to pay for this type of car insurance
Using the Diamond-Water Paradox as a guide, use two other goods of your choice to illustrate the concept and explain the roles played by total utility and marginal utility.
As a manager, what are some practical things you could do to raise utility for employees that also benefit the firm. In your answer use a company you currently work for or one you worked for in the
why diets fail, romances fade, too much exercise harms us, and many other things. Select a human behavior and construct a "mini case study" that highlights the workings of marginal utility.
Show (mathematically) that her expected utility is higher when she purchases an actuarially fair insurance policy than when she faces the risk of fire with no insurance. What is the most she should
Assume that the individual's utility function for profit is U(X) = X -0.05X2. Calculate the expected utility of each project and identify the preferred project according to this criterion.